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Ethereum PoW Hardfork Token’s IOU Accepts Trading on 5 Exchanges

by Blockchain NewsSeptember 16, 2022

The Ethereum network’s transition from the Proof-of-Work to the Proof-of-Stake (PoS) model was successful, and the industry is agog about it.

Besides ushering in a new era for the Ethereum community, many stakeholders have been preparing for a new token that is billed to be created through a hard-fork split.

The likelihood of creating this token is high as some of the industry’s biggest exchanges have now listed an IOU of the potential token, which is designated with the ticker symbol ‘ETHW’. At the time of writing and according to data from Coingecko, FTX, MEXC Global, Bybit, Gate.io, and FTX.US are the five exchanges that have listed the coin.

The ETHW token is currently trading at an average price of $18 on FTX, MEXC Global, and FTX.US. The token’s price on Bybit is $22, while on Gate.io, it is trading as high as $40.

It is yet unclear how many trading platforms will eventually lend support to the new version of the Ethereum coin that will maintain the Proof-of-Work (PoW) consensus model. The Coingecko data, however, attached very high trust scores to the IOUs being traded on these platforms.

Ethereum is not a protocol that is new to hard forks and the creation of a new token. The Ethereum Classic protocol is one major blockchain ecosystem that spun off as a result of the network’s hardfork back in 2016.

Considering the resilience and success of Ethereum Classic thus far, some major stakeholders in the Ethereum ecosystem have pledged allegiance to support the new protocol as many sought avenues to help maintain the legacy of the Ethereum blockchain as a mining-enabled system.

The argument for the PoS version of the protocol is strongly hinged on its energy efficiency. The proponents also believe that its scalability and attack resilience will be further bolstered with the validation model of confirming transactions.

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Top 3 Altcoins to Watch This Week: ETH, MATIC, and ADA

by Blockchain NewsSeptember 12, 2022

Despite the latest revival that has been recorded in the digital currency ecosystem over the past few days, investors can expect a lot of volatility in the coming week with The Merge now upon us.

At the moment, the combined digital currency market cap is up 0.96% to $1.06 trillion.

Whether this market value will drop below the $1 trillion support is unknown, but the underlisted three tokens should be watched as the broader market keeps watch as the Ethereum blockchain transitions from the Proof-of-Work (PoW) model to the Proof-of-Stake (PoS) version.

Ethereum (ETH)

Ethereum is currently changing hands at $1,769.40, up 1.73% in the past 24 hours according to CoinMarketCap’s data. While currently trading below its monthly high of $2,022.79, the price of Ethereum is far above its worst peg for the year which is at $896.11.

Ethereum is a major determinant in the crypto ecosystem of today. With The merger of its PoS Beacon Chain with the PoW version, the protocol is bound to transition into a more energy-efficient and usable protocol.

This milestone is being closely watched by investors and regulators, and its success or failure can set a precedent that will determine how protocols in the ecosystem will be regulated in the near future.

Polygon (MATIC)

Polygon is an Ethereum Layer-2 protocol whose fortune may also change in tandem with the forthcoming Merge event. With the new protocol, Polygon can build on the more efficient blockchain to expand the reach and overall outlook of its ecosystem.

Sandeep Nailwal, Polygon Co-Founder and CEO have also been making a series of targeted push to expand the Polygon ecosystem. As one of the most popular L2 protocols on the Ethereum blockchain, MATIC will also see a corresponding growth that may mimic that of Ethereum in the coming week.

In the past 24 hours, MATIC has been trading at a price of $0.8956, up 0.72% at the time of writing.

Cardano (ADA)

In the coming week, Cardano will face a lot of comparisons should Ethereum’s The Merge turn out to be successful. While not the only competing blockchain technology that will be placed under the radar, it is one of the oldest, with not as many robust ecosystems as Ethereum has had.

Cardano has enjoyed a fairly good growth run in the past week, and investors will be placing it on a watchlist as Ethereum’s PoS upgrade goes live. It was trading at $0.5125, up 0.35% at the time of writing.

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Tagged : Altcoins / Cardano / Ethereum / Ethereum 2.0 / Polygon

Ethereum 2.0: Upcoming Upgrade Will Not Eradicate High Gas Fees

by Blockchain NewsAugust 18, 2022

The growing anticipation of the Merge of the Ethereum network’s Beacon Chain with the current Proof-of-Work (PoW) mainnet to usher in the Proof-of-Stake (PoS) version of the protocol has generated a number of misconceptions from the public.

The Ethereum Foundation (EF) has come out to debunk some of these misconceptions, one of which is relative to the issue of gas fees.

The EF said the emergence of Ethereum 2.0 will not be a panacea for lower gas fees as the upgrade is a change of consensus mechanism, not an expansion of network capacity, and will not result in lower gas fees.

“Gas fees are a product of network demand relative to the network’s capacity. The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput,” the EF said.

The foundation said future rollup technology upgrades are projected to help taper down the high gas fees. Ethereum’s co-founder, Vitalik Buterin, has also supported the push of Layer-2 rollups in pushing down the higher gas fees to accepted levels.

Besides the clamour on gas fees, the misconception about the Merge ushering in faster transactions was also corrected. According to the Ethereum Foundation, while there is a slight change in the transaction speed on the Beacon Chain and the PoW network, the chances that the speed of transactions on the Layer-1 protocol will largely remain the same.

The Beacon Chain went live back in December 2020 and has been running parallel with the Ethereum mainnet since then. A lot of debugging has been done since the development of Ethereum 2.0 was made public. With so much work now being put into The Merge, the anticipation for the proposed launch is now being directed to September 15 – 19 – the tentative date.

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Tagged : Beacon Chain / Ethereum / Ethereum 2.0 / GASFEES

Ethereum 2.0: The Merge is Scheduled to go Live on Sept 19

by Blockchain NewsJuly 17, 2022

Against the earlier projected August timeline, developers are in agreement on the much anticipated Ethereum (ETH) transition, the Merge to be inked on September 19.

The date was suggested by Tim Beiko, the lead organizer of core developers at the Ethereum Foundation during a Consensus Layer call held this past Thursday. Although no objection to the date was raised, Beiko opined that it is still a tentative date and is subject to adjustment if the need arises.

Ethereum, the world’s second-largest cryptocurrency by market capitalization currently utilizes the proof-of-work (PoW) consensus mechanism. The PoW has a couple of criticism including the quantity of energy harnessed by the system and its effect on the environment. The Merge is a transition of the ETH Proof-of-Work to a Proof-of-Stake (PoS) model. It is currently getting tested on a few public testnet before finally moving to the ETH Mainnet.

Twitter user, Superphiz.eth, one of the developers attested to the fact that Beiko’s suggestion is not concluding but only a roadmap. He took to his Twitter page to encourage observers to look out for the official announcement.

Per his tweet;

“This merge timeline isn’t final, but it’s extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements!”

In the few weeks left before the Merge, large amounts of carbon will still be emitted into the atmosphere and will cause consequential damage to the environment.

According to another developer Ben Edgington, “There are very real costs associated with not doing the merge: 130,000 tons of carbon dioxide every day, It’s nearly a million tons a week. Every week we twiddle our thumbs, that’s a megaton of carbon dioxide we´re emitting.”

What Happens After The Merge?

After the transition is finalized, the newly installed PoS consensus mechanism will reduce the number of carbon emissions up to 99% by slashing the blockchain energy consumption during mining.

Also, the ETH scaling solution will experience an upgrade that will likely involve Sharding, a type of database partitioning into smaller and faster pieces. With the PoS, the Ethereum blockchain will hit a pass on security, sustainability, and scalability.

It is worthy of note that the upscaling to the PoS consensus will not immediately mean a reduction in the transaction gas fee. It is not an increase in network capacity but only a transition in the consensus mechanism. Also, staked withdrawal is yet to be enabled with the Merge. Therefore, withdrawals might not be possible immediately after the Merge until the Shanghai upgrade which comes after the Merge.

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Tagged : Ethereum / Ethereum 2.0

Ethereum 2.0 Deposit Contract Hits ATH as Investments Heightens

by Blockchain NewsJune 5, 2022

More investments continue trickling into Ethereum 2.0 deposit contract, given that the number of staked ETH is scaling the heights.

Market insight provider Glassnode explained:

”Total value in the ETH 2.0 deposit contract just reached an ATH of 12,777,045 ETH.”

Source: Glassnode

Ethereum 2.0, or the Beacon Chain, which was recently renamed the consensus layer, was launched in December 2020 and was regarded as a game-changer that sought to transit the current Proof-of-Work (PoW) consensus mechanism to a Proof-of-Stake (PoS) framework.

The transition from a POW to a PoS consensus mechanism called the merge is speculated to be the biggest software upgrade in the Ethereum ecosystem and the proof-of-stake algorithm will allow the confirmation of blocks in a more energy-efficient way.

Therefore, validators will stake Ether instead of solving a cryptographic puzzle.

The number of validators is also edging closer to the 400k mark. Glassnode acknowledged:

“Over 12.764M ETH has been staked by 398k unique validators. This is 10.73% of the circulating supply. Since 1-May, 19.8k additional validators have come online and staked.”

Ethereum researcher Justin Drake recently disclosed that the merge was expected in August because testing was in the final stages.

The merge is usually regarded as a game-changer that will give the Ethereum network a new face because it is expected to enhance scalability through upgrades like sharding.

Furthermore, it is anticipated to strengthen Ethereum’s quest as a deflationary asset because the second-largest cryptocurrency’s value is speculated to increase based on slashed supply.

Meanwhile, Arthur Hayes, the ex-CEO of crypto exchange BitMEX, commented that Ethereum is on its way to $10,000 by the end of the year because the merge will be the tipping point, putting the second-largest currency ahead of the game.

Hayes pointed out that the proof-of-stake consensus mechanism will make Ethereum a “currency bond” or commodity-based compared to Bitcoin.

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Tagged : Beacon Chain / Ethereum / Ethereum 2.0 / Staking / The Merge

Total ETH Burned Tops the 2M Token Benchmark Worth Over $5B

by Blockchain NewsMarch 22, 2022

Since the EIP-1559 upgrade, also known as the London Hardfork went live in August last year, the Ethereum network and its underlying token have been operating as a deflationary protocol.

The implementation of the EIP 1559 upgrade stirred a number of changes in the Ethereum network, one of which is the burning of the transaction fees generated while miners are rewarded based on prioritized tipping paid by transaction initiators.

Since the upgrade went live, the Ether burn rate has hit a significant milestone, with over 2 million Ethereum coins burned thus far. In Accordance with data from Etherchain, exactly 2002146.0 ETH has been burnt, and this is worth approximately $5.87 billion based on the current price of ETH at $2,904.69, according to data from CoinMarketCap.

Per the Etherchain data, the Ethereum blockchain currently has a 50.9% block utilization time and a 2.71 ETH/Min burn rate. As reported by Blockchain.News, the protocol crossed the 1M burnt benchmark back in November of last year.

The London Hardfork was one of the many protocol upgrades that were generally targeted at reducing the pains of the Ethereum network users as congestion was climbing at an alarming rate with the accompanying inconvenience in the form of gas fees owing to bidding wars. With the hardfork going live, the network proposed a base network fee, cutting out the bidding wars.

While the EIP 1559 has contributed in no small measure to the growth and health of the network in terms of easing the usage costs, it has largely given more investors to consider a very bright future for Ethereum in the long run per the deflationary tendencies of the token. Despite the impressive strides of the London Hardfork and other upgrades the Ethereum network has recorded, the ultimate solution to the current scaling and high fees challenges of the protocol is Ethereum 2.0.

Until Ethereum 2.0, which has continued to gain steam per the total tokens staked, comes to life, the aftermaths of the EIP-1559 upgrade will continually be felt.

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Tagged : Burning / Eip 1559 / Ethereum / Ethereum 2.0

Total ETH Burned Tops the 2M Token Benchmark Worth Over $5B

by Blockchain NewsMarch 22, 2022

Since the EIP-1559 upgrade, also known as the London Hardfork went live in August last year, the Ethereum network and its underlying token have been operating as a deflationary protocol.

Until Ethereum 2.0, which has continued to gain steam per the total tokens staked, comes to life, the aftermaths of the EIP-1559 upgrade will continually be felt.

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Tagged : Burning / Eip 1559 / Ethereum / Ethereum 2.0

Ethereum 2.0 Continues to Gain Steam, Staked ETH Tops 10 Million

by Blockchain NewsMarch 21, 2022

The transition to Ethereum 2.0, which was renamed the consensus layer, continues to gain momentum because the amount of staked Ether is nearly 10% of the entire ETH supply.

Crypto research firm Delphi Digital explained:

“Over 10 million of ETH has been staked in the ETH2 deposit contract, 8.56% of the total ETH supply. With the ETH2 merge slated for end-Q2, yields for staking ETH with validators are expected to increase as transaction fees previously earned by miners will now be earned by validators.”

Source: Delphi Digital

The continuous growth of the ETH 2.0 paints an optimistic picture that investors are still confident about the much-anticipated merge.

Established in December 2020, Ethereum 2.0 intends to shift the ecosystem from the current proof of work (PoW) framework to a more cost-effective and environmentally friendly proof of stake (PoS) consensus mechanism.

The number of validators on the Ethereum network has also been increasing, given that it recently hit the 300,000 mark.

With the transition to ETH 2.0 slated for Q2 2022, validators will take up the role of miners when it comes to the confirmation of blocks based on the amount of ETH staked, given that it acts as collateral against dishonest behaviour.

The merge is viewed as a game-changer that will boost Ethereum as a deflationary asset, given that the London Hardfork or EIP 1559 upgrade already set the ball rolling.

Launched in August 2021, the London Hardfork or EIP 1559 introduced a feature where Ether would be burnt every time it is used in transactions. This has been causing a supply deficit, which triggers the deflationary notion, given that its value is expected to continue increasing with time on the foundation of slashed supply.

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Tagged : CONSENSUS LAYER / DIGITAL ASSETS / Ethereum / Ethereum 2.0 / Investment / Market Analysis / Staking

Ethereum 2.0 Continues to Gain Steam, Staked ETH Tops 10 Million

by Blockchain NewsMarch 21, 2022

The transition to Ethereum 2.0, which was renamed the consensus layer, continues to gain momentum because the amount of staked Ether is nearly 10% of the entire ETH supply.

Crypto research firm Delphi Digital explained:

“Over 10 million of ETH has been staked in the ETH2 deposit contract, 8.56% of the total ETH supply. With the ETH2 merge slated for end-Q2, yields for staking ETH with validators are expected to increase as transaction fees previously earned by miners will now be earned by validators.”

Source: Delphi Digital

The continuous growth of the ETH 2.0 paints an optimistic picture that investors are still confident about the much-anticipated merge.

The number of validators on the Ethereum network has also been increasing, given that it recently hit the 300,000 mark.

The merge is viewed as a game-changer that will boost Ethereum as a deflationary asset, given that the London Hardfork or EIP 1559 upgrade already set the ball rolling.

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Tagged : CONSENSUS LAYER / DIGITAL ASSETS / Ethereum / Ethereum 2.0 / Investment / Market Analysis / Staking

MIT Sees Ethereum’s PoS as Game Changing Tech

by Blockchain NewsMarch 2, 2022

Ranked sixth among the top 10 technological breakthroughs of 2022, the Massachusetts Institute of Technology (MIT) views Ethereum’s proof of stake (PoS) consensus mechanism as a game-changer that will prompt the adoption of energy-saving technology.

Per the announcement:

“Proof of stake offers a way to set up such a network without requiring so much energy. And if all goes as planned, Ethereum, which runs all sorts of applications in addition to the world’s second-largest cryptocurrency, will transition to it in the first half of 2022. The shift has been projected to cut energy use by 99.95%.”

The MIT acknowledged that Ethereum’s PoS framework would be instrumental in changing the narrative about cryptocurrencies using vast amounts of electricity. For instance, Bitcoin (BTC) used more energy than Finland last year.

Ethereum 2.0, recently renamed to the consensus layer, was launched in December 2020 to transition a PoS framework from the current proof of work (PoW) consensus algorithm.

Since then, it has gained steam as more investments continue trickling in, given that the number of validators recently hit 300,000 and staked Ether crossed the 9.5 million mark.

With “The Merge” slated for the second quarter of this year, MIT noted that Ethereum’s transition would become the centre stage of triggering energy-efficient technology even though other networks like Solana, Cardano, and Algorand are already using PoS blockchains.

The report noted:

“With proof of stake, validators don’t have to vie against one another, spending big on energy and computing hardware. Instead, their cache, or stake, of cryptocurrency allows them to enter a lottery. Those who are chosen to gain the authority to verify a set of transactions (and so earn more cryptocurrency).”

The other top ten breakthrough technologies included Covid variant tracking, a long-lasting grid battery, artificial intelligence (AI) for protein folding, and malaria vaccine, per the MIT Review.

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Tagged : CONSENSUS LAYER / Ethereum / Ethereum 2.0 / Mit / POS / Research